Cryptocurrencies Price Prediction: Cardano, Daren Li & Crypto – European Wrap 13 November
|Cardano bulls show signs of exhaustion
Cardano (ADA) price extends its decline for a second consecutive session on Wednesday, trading down by more than 7% at around $0.53 after rallying over 80% the previous week. The main reason for the decline is that traders are taking profits, while technical indicators suggest further downside is likely.
Crypto fraudster pleads guilty of taking part in $73 million laundering scheme
A Chinese dual citizen has pleaded guilty for his involvement in laundering $73 million obtained through multiple crypto fraud schemes.
Daren Li, 41, pleaded guilty to conspiracy to commit money laundering. Prosecutors revealed in a plea agreement filed on Monday in a federal court in California that the scheme generated millions through various crypto investment scams, including “pig butchering” fraud, from August 2021 to April 12, 2024.
Crypto punishes sceptics
The crypto market cap fell to $2.88 trillion, down 5% over the day. It appears that the market has started to take profits after a week of rallying. The first target for such a pullback appears to be the March-June resistance area around $2.70 trillion. However, we are optimistic that the market may well pick up cryptocurrencies at higher levels and trigger FOMO.
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